Fortescue acquires wind tower manufacturer Nabrawind, signs Chinese renewables deals
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The news: Fortescue has finalised its acquisition of Spanish wind turbine manufacturer Nabrawind, which the mining giant had been a minority investor in since 2023.
Fortescue has also announced supply agreements with Chinese companies to help decarbonise its operations. This includes battery and electric vehicle company BYD, solar technology manufacturer LONGi, mining equipment manufacturer XCMG and wind and energy storage leader Envision Energy.
The context: In August, Fortescue secured a yuan-denominated syndicated term loan of 14.2 billion yuan, which is about $3.04 billion.
Fortescue has signed three individual heads of agreements for batteries from BYD, solar panels from LONGi and the wind turbines from Envision.
The miner said Nabrawind’s 188 metre tower technology, combined with the purchase of wind turbines from Envision would help “accelerate the deployment of renewable energy across its operations”. Envision is supplying turbines to the first stage of Fortescue’s Pilbara wind project.
It also signed an agreement with XCMG, which will supply “up to half of Fortescue’s future fleet of 300 to 400 zero-emissions 240-tonne haul trucks, with phased deliveries planned from 2028 to 2030”.
The other half will be supplied by German manufacturer Liebherr under an amendment to a partnership that was announced in September 2024.
What they said: “China is scaling and manufacturing green technologies at unprecedented speed and our partnerships give Fortescue access to that capability,” Fortescue executive chair and founder Andrew Forrest.
“Meanwhile, through Nabrawind in Spain, Liebherr in Germany and the United States, Fortescue Zero in the United Kingdom, and Fortescue operations in the Pilbara in Western Australia, we are building a global R&D and production network.”
The source: ASX
